Standard&Poor's Affirms 'BBB/A-3' Rating on Bulgaria, Stable Outlook

Standard&Poor's Affirms 'BBB/A-3' Rating on Bulgaria, Stable Outlook

Rating agency Standard&Poor's affirmed the long- and short-term foreign- and local-currency sovereign credit ratings of Bulgaria at BBB/A-3.

The outlook is stable and the transfer and convertibility (T&C) assessment is 'A', the agency said in a statement.

"The ratings on Bulgaria reflect our view of the government's strong track record of appropriate fiscal policy and low gross and net general government debt," the statement added.

Bulgaria's medium-term growth prospects are seen as solid although the agency warned of a likely economic slowdown next year.

Standard&Poor's expects the country's growth rate to slow to 1.5% in 2012 from 2.0% this year, which is below the Bulgarian government's budget projections for 2.3% growth.

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